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ISS, Glass Lewis Revamp Proxy Season Policies

Joe Mont | November 23, 2015
Prominent proxy advisers Institutional Shareholder Services and Glass Lewis have updated their voting policies for upcoming shareholder meetings, focusing ondirector overboarding, unilateral board actions, problematic pay practices, and the responsibilities of directors for oversight of environmental and social issues that may affect company performance.
ISS’ updates to its benchmark proxy voting policies will be applied for shareholder meetings held on or after Feb. 1, 2016. Among the changes is a new approach to director overboarding. For most directors, except for standing CEOs, the maximum number of public company boards a director can sit on before being considered “overboarded” is being reduced from six to five. There will be a one-year grace period until 2017. During 2016, ISS research reports will highlight if a director is on more than five public company boards, but adverse voting recommendations will not be issued under this new...
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